Solution-What the november entry to record the receipt of

What the november entry to record the receipt of payment

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Reference no: EM132969997

On November 1, 20x3, Jon Corporation sold merchandise to Ger Corporation, a foreign firm. Jon measured and recorded the account receivable from the sale at P78,000. Ger paid for this account on November 30, 20x3. Spot rates for foreign currency unit (FCU) on November 1 and November 30, respectively, were P0.80 and P0.78.

Problem 1: If the sale of the merchandise was denominated in FCU, the November 30 entry to record the receipt of payment from Ger included a:

a. credit to Accounts Receivable for P76,050

b. debit to Cash for P78,000

c. credit to Exchange Gain for P1,950

d. debit to Exchange Loss for P1,950

Reference no: EM132969997

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What the november entry to record the receipt of payment

Reference no: EM132969997

Reference no: EM132969997

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